Bitcoin can accelerate to $ 46 thousand?

(BTC) is currently showing positive momentum and the cryptocurrency is experiencing a significant rally so far in January, reaching $23,000, up 40% in value. This marks the biggest gain for since October 2021.

Claim: can accelerate to $ 46 thousand?

The recent price rally has led analysts to focus on higher valuations last seen in mid-2022, while also expecting more gains based on the sentiment of traditional risk assets. According to Game of Trades data-driven investment research, is on a big breakout on its 1-year chart with the possibility of reaching $46,100 sooner than expected after breaking the initial resistance levels at $25,000 and $32,000.

“BTC started its racing engine after a big breakout. The $46,000 comes sooner than many investors think.”

Claim: Bitcoin can accelerate to $ 46 thousand?  - Picture : 1

is exploding. Source: Trading Game

Despite ongoing concerns about the consequences of crypto exchange FTX’s bankruptcy, the recovery is impressive considering it has passed critical resistance levels.

While a rally to $25,000 is possible, it may be due to traditional risk assets led by tech companies that have re-founded their footing as recession concerns eased in the last two trading days and the Fed’s less strength. Speculators are confident that the Fed will raise interest rates by only 25 basis points on February 1.

price analysis

Interestingly, crypto trading expert Michael van de Poppe noted on January 24 that BTC is facing significant resistance at $23,100 and could test $22,300 if the asset continues to make lower lows.

failed to break the critical resistance at $23.1k. If we keep making LHs, we’ll probably test and scan $22,300 before continuing. It offers some serious buying opportunities.”

Claim: Bitcoin can accelerate to $ 46 thousand?  - Picture : 2

critical resistance. Source: Michael van de Poppe

Currently, is changing hands at $22,856, up 0.64% in the last 24 hours and 7.58% in the last seven days. Currently, the total market cap of BTC is currently $440.4 billion.

Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.

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